Samil C&S Maintains Profit in Q1 2026 with Increasing Offshore Wind Orders
Q1 2026 revenue of KRW 39.95 billion, operating profit of KRW 1.31 billion, net profit of KRW 0.54 billion. Compared to FY2025 revenue of KRW 223.1 billion, operating profit of KRW 5.0 billion, and net profit of KRW 1.49 billion, Q1 accounts for ~18% of annual revenue but shows profitability improvement.
Order backlog of KRW 98.73 billion (as of end-March 2026). Key projects: Yeonggwang-Nakwol offshore wind (96% completion), Katagami offshore wind (Japan, 6% completion, contract balance of KRW 4.76 billion).
Net debt-to-equity ratio of 15.64% (up from 11.97% at year-end 2025). Total borrowings of KRW 131.8 billion, cash of KRW 89.79 billion. Interest rate swap contracts of KRW 60 billion in place.
After turning profitable in FY2025 (net profit of KRW 1.49 billion), the company continues profitability in Q1 2026. FY2024 recorded a net loss of KRW 2.01 billion.
Segment revenue mix: Concrete 55%, Wind & Steel 35%, Aggregates 9%. The Wind & Steel segment is expanding overseas with a Japanese offshore wind project order.
No dividend or share buyback/cancellation. One ongoing lawsuit (unjust enrichment, second trial) with no provision set.